In a recent video addressing President Joe Biden’s administration's approach to the cryptocurrency industry, Charles Hoskinson, Ethereum co-founder and Cardano founder, expressed his concerns and urged for a pro-crypto stance in the upcoming elections.
Hoskinson highlighted the controversy surrounding the rejection of H.J. Res 109, which opposes the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin (SAB) 121. This rule mandates financial institutions to include customers’ digital assets on their balance sheets, a move criticized for its operational and financial implications.
While the White House defends the rule to bolster investor protection, Hoskinson deems the idea of regulating crypto under the Securities Act of 1933 as "absurd." He argues that cryptocurrencies possess various characteristics, from commodities to non-fungible tokens, making traditional asset regulations inadequate.
Expressing concern, Hoskinson warned of the potential exodus of cryptography experts from the US to regions like China and the Middle East, where they could be "weaponized" against the US. He emphasized the futility of attempting to eradicate Bitcoin or cryptocurrencies entirely, urging voters to prioritize crypto-friendly candidates in the upcoming elections.
Hoskinson contrasted Biden's administration's stance with that of former President Donald Trump, who recently expressed support for crypto and announced his campaign's acceptance of cryptocurrency donations. Trump's statements were met with enthusiasm from the crypto community, reflecting divergent attitudes toward crypto regulation among US political figures.
Financial-Related Issues that Elected Officials Should Focus On. Source:Blockchain Association
As the US presidential election approaches, Hoskinson's call to "vote crypto" underscores the growing importance of crypto-related issues in political discourse, with a significant portion of voters advocating for clearer regulations and investor protections in the crypto space.
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